Westlake Chemical Partners LP announced that Jonathan H. Baksht will join the partnership as Senior Vice President and Chief Financial Officer, effective June 15, 2026. The appointment follows the retirement of current CFO M. Steven Bender, who will step down by year‑end and transition to a Special Advisor role to the President.
Baksht brings a decade of financial leadership experience, having served as CFO of Fortune Brands Innovations, Pactiv Evergreen Inc. (Novolex), and Valaris Limited. He earned his bachelor’s degree from the University of Texas at Austin and his MBA from Northwestern University’s Kellogg Graduate School of Management, positioning him to manage Westlake’s complex capital structure and long‑term financial strategy.
Bender’s departure is part of a planned succession strategy. He will remain on the Board of Directors of the General Partner and will provide advisory support to the President through the transition period, ensuring continuity in financial oversight and governance.
Westlake Chemical Partners operates a fixed‑margin ethylene business model under a long‑term Ethylene Sales Agreement with its parent, Westlake Corporation. The agreement obligates the parent to purchase 95 % of the partnership’s ethylene production at a predetermined margin, providing a stable revenue stream. The partnership’s assets include a stake in Westlake Chemical OpCo LP, which runs three ethylene production units in Louisiana, Kentucky, and Texas with a combined capacity of roughly 3.7 billion pounds per year. Baksht will oversee the financial strategy that supports this model, including capital allocation, liquidity management, and distribution policy.
Recent financial results show a decline in net income attributable to the partnership in Q3 2025 compared with Q3 2024, driven by lower margins on ethylene sales to third parties and higher maintenance capital expenditures. Baksht’s experience in managing cost structures and capital deployment across diverse industries is expected to help the partnership navigate these headwinds while preserving the fixed‑margin framework.
Jean‑Marc Gilson, President and CEO of the General Partner, expressed confidence in Baksht’s ability to contribute to the partnership’s growth and development, while acknowledging Bender’s significant contributions over his tenure.
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